ADMINISTRATION OF THE SYSTEM

Memphis Code of Ordinances tit. 4, ch. 4-32, art. 7

in effect

Memphis Code of Ordinances § 4-32-29 Board of administration.

Sec. 4-32-29. - Board of administration. A. Creation; composition. There is created and established a board of administration which, under the provisions of this article and under the direction of the library board of trustees and city council, shall administer the retirement system and the retirement fund created by this article. The board of administration shall have the sole and absolute right, power and authority to construe and interpret the provisions of the plan. B. Balance among participants. A reasonable balance between male and female members and between married and unmarried members shall be maintained wherever possible when selecting members for the board of administration. C. Compensation; terms of office. There shall be five members of the board of administration. The library director shall be a permanent member of the board of administration. There shall be an additional member of the board of administration appointed by, and serving at the pleasure of, the board of trustees. The remaining three members of the board of administration shall be elected by the participants in the retirement system, with each such elected member serving a three-year term. D. Election of members. The library board of trustees shall determine the method of selection of its representative. The three persons shall be elected by the participants in the retirement system. The board of administration shall appoint one retiree and the library personnel director as nonvoting advisors to the board. The library director shall conduct an election among the staff who are participants of the retirement system. Succeeding elections by participants of a member of the board about to complete a term of office shall be held no later than three months preceding the completion of the term of office of the member. The office of chair shall be determined by members of the board of administration. (Code 1985, § 18-68; Ord. No. 4173, § 1, 4-16-1993)

Memphis Code of Ordinances § 4-32-30 Member's bond.

Sec. 4-32-30. - Member's bond. Each member of the board of administration shall execute a bond in favor of the library for such amounts as shall be determined by the library board of trustees. (Code 1985, § 18-69; Ord. No. 4173, § 1, 4-16-1993)

Memphis Code of Ordinances § 4-32-31 Compensation of members.

Sec. 4-32-31. - Compensation of members. The members of the board shall serve without compensation, but they shall be reimbursed for necessary expenses incurred by them as members of the board. (Code 1985, § 18-70; Ord. No. 4173, § 1, 4-16-1993)

Memphis Code of Ordinances § 4-32-32 Duties of the board.

Sec. 4-32-32. - Duties of the board. A. The board will meet at least once each year to consider granting increases in retirement pay to retirees in accordance with the increases in the cost-of-living. This is not to be construed to mean automatic retirement pay increases. A one-time adjustment, effective December 1, 1977, shall be granted as follows: 1. Retired employees with 17½ years or more of credited service and receiving a benefit of less than $275.00 per month, shall each receive $40.00 added to the monthly retirement benefit. 2. Retired employees with less than 17½ years of service and receiving a benefit of less than $275.00 per month shall each receive $30.00 added to the monthly retirement benefit. 3. All other employees who retired before January 1, 1977, shall receive whatever percentage increase the board of administration determines, provided that the total increase of all retired employees shall not exceed an amount equal to ten percent or $13,204.70, the total of all the February 1978 library monthly benefits; provided, further, that no annual increase hereafter to any individual retired employee shall exceed ten percent of that retired employee's benefit. B. The board will meet whenever a participant becomes eligible for retirement, or when it is deemed necessary: 1. To consider changes in the retirement system should the social security system change from a direct payroll tax to include the use of general revenue funds or make other desirable changes; 2. To consider legislation and legislative action, state, local or federal, that might affect the provisions, operation or administration of the retirement system; 3. To consider increased benefits or changes the city may make in the city's pension plan; 4. To consider grievances, appeals or challenges to an individual's retirement; 5. To make determinations as to line-of-duty disablements; 6. To investigate insuring the fund; 7. To supervise preparation by the personnel officer of a retirement plan brochure, annual reports, etc.; 8. To study the performance of the investment counsel for the retirement fund; 9. To make determinations in cases of broken service; 10. To determine the amount of interest to be applied to withdrawal of mandatory contributions, based on the prevailing rate of interest and with actuarial advice; 11. To determine time limits on selection of retirement options by participants; 12. To determine provisions of retirement benefit options; 13. To hear a member's request for changes; 14. To determine eligibility for disability benefits. C. The chairperson shall have the power to call a meeting at any time that it is necessary in order to carry out the business of the board. (Code 1985, § 18-71; Ord. No. 4173, § 1, 4-16-1993)

Memphis Code of Ordinances § 4-32-33 Quorum.

Sec. 4-32-33. - Quorum. Three members shall constitute a quorum to transact any business. (Code 1985, § 18-72; Ord. No. 4173, § 1, 4-16-1993)

Memphis Code of Ordinances § 4-32-34 Technical advisers.

Sec. 4-32-34. - Technical advisers. The board, with the approval of the library board of trustees, shall employ an actuary, who shall be the technical adviser of the board of matters relating to the operations of the fund, and shall engage such other technical service or employ such persons as may be necessary to transact the business of the retirement system. (Code 1985, § 18-73; Ord. No. 4173, § 1, 4-16-1993)

Memphis Code of Ordinances § 4-32-35 Medical service and advice.

Sec. 4-32-35. - Medical service and advice. The board shall secure such medical service and advice as may be necessary to determine participant disability status pursuant to section 4-32-8, and shall pay such compensation for such medical services and advice as the board shall deem reasonable except as may be provided in section 4-32-8(D). In no case, however, shall there be employed or appointed a physician who is eligible for participation in the retirement system or who has filled an elective, appointive or salaried office in the city or county government within a period of five years next preceding his or her employment or appointment. (Code 1985, § 18-74; Ord. No. 4173, § 1, 4-16-1993)

Memphis Code of Ordinances § 4-32-36 Actuarial investigations and valuations.

Sec. 4-32-36. - Actuarial investigations and valuations. A. The board shall keep in convenient form such data as shall be necessary for the actuarial investigations and valuations of the retirement fund. The board shall cause to be made actuarial valuations of the retirement system and shall also cause to be made actuarial investigations into the mortality, service compensation and other experience of the participants. Upon the basis of such investigations and valuations, and subject to the approval of the library board of trustees and the city council, the board shall adopt for the retirement system such mortality, service and other bases as shall be necessary. B. The board shall promptly transmit to the library board of trustees and the city council a report covering the actuarial investigations and actuarial valuations provided for in this section. (Code 1985, § 18-75; Ord. No. 4173, § 1, 4-16-1993)

Memphis Code of Ordinances § 4-32-37 Records and account.

Sec. 4-32-37. - Records and account. The board shall keep at all times correct, detailed records and accounts of the retirement fund and of all transactions and matters relating to the administration of the retirement system. (Code 1985, § 18-76; Ord. No. 4173, § 1, 4-16-1993)

Memphis Code of Ordinances § 4-32-38 Annual report and audit.

Sec. 4-32-38. - Annual report and audit. A. As soon as practicable after the close of each fiscal year, the board shall transmit to the library board of trustees a full written report setting forth the financial condition of the retirement fund and the operation of the retirement system for such fiscal year. B. The board shall have made an annual audit of the retirement fund by the city external auditor; provided, however, that, such audit shall not be made by the same auditor or firm of auditors for more than four successive years. (Code 1985, § 18-77; Ord. No. 4173, § 1, 4-16-1993)

Memphis Code of Ordinances § 4-32-39 Conflict of interest of members or employees.

Sec. 4-32-39. - Conflict of interest of members or employees. Except as herein provided, no member and no employee of the board shall have any personal interest, direct or indirect, in the making of any investment from the retirement fund, or in the gains or profits accruing therefrom. No member or employee of the board, directly or indirectly, for himself or herself or as an agent or partner of others, shall borrow any of its funds or deposits, or in any manner use the same except to make such current and necessary payments as are authorized by the board; nor shall any member or employee of the board become an endorser or surety or become in any manner an obliger for moneys invested by the board. (Code 1985, § 18-78; Ord. No. 4173, § 1, 4-16-1993)

Memphis Code of Ordinances § 4-32-40 Deduction of group life and hospitalization insurance premium from allowance.

Sec. 4-32-40. - Deduction of group life and hospitalization insurance premium from allowance. Any participant entitled to a retirement benefit may, on request, continue his or her group life and hospitalization insurance by authorizing the board of administration to deduct from his or her monthly retirement benefit the average premium in effect at the time of deduction. (Code 1985, § 18-79; Ord. No. 4173, § 1, 4-16-1993)

Memphis Code of Ordinances § 4-32-41 Benefits not modified by Social Security payments.

Sec. 4-32-41. - Benefits not modified by Social Security payments. No modification of the benefits provided in this article shall made because of any amount or amounts payable a participant under the provisions of the Federal Social Security Acts. (Code 1985, § 18-80; Ord. No. 4173, § 1, 4-16-1993)

Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/code_of_ordinances?nodeId=TIT4PERESY_CH4-32RESYLIEM_ART7ADSYFetched: 10/28/2026